President Bola Tinubu’s administration is set to present a Supplementary Appropriation Bill amounting to N6.6 trillion to the National Assembly on Thursday, barring any unforeseen developments. Senate Spokesperson Adeyemi Adaramodu had previously indicated the size of the proposed bill.
Reports from the National Assembly on Tuesday suggest that the bill will include provisions for purchasing a new private jet for President Tinubu and Vice President Kashim Shettima. To fund this acquisition, three existing planes from the presidential fleet will be sold after being put in proper condition.
A National Assembly principal officer, who requested anonymity, disclosed the details to our correspondent. The source confirmed that only one VIP jet with necessary security features would be included in the bill, contrary to speculations of two jets being purchased.
The source stated, “None of the aircraft in the fleet of the presidential jets is good enough to fly the president and his deputy. The last two trips of the president and his deputy were undertaken in commercial aircraft, which do not have the necessary security configuration and features expected of such airplanes. This arrangement poses a serious national security threat.”
The 2024 Supplementary Appropriation Bill is expected to be read simultaneously in both chambers of the National Assembly when lawmakers resume from their Sallah break on Tuesday next week. Senate Committee on Media and Public Affairs Chairman Adeyemi Adaramodu confirmed the imminent submission of the bill, noting its size at N6.6 trillion and mentioning that its details were still being finalized by the executive arm of government.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, recently briefed the National Assembly’s joint committee on National Planning and Economic Affairs about the supplementary bill. He explained that the bill would be partly funded by the N50 billion Presidential Infrastructure Development Fund (PIDF), currently held in the National Sovereign Wealth Investment Authority (NSWIA). The PIDF, however, would not suffice, leading the government to seek a $2.5 billion loan from the World Bank.
Bagudu identified four major transformational projects to be funded by the supplementary budget: the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, completion of ongoing railway projects, and rehabilitation and expansion of dams and irrigation schemes to boost production within the economy. The bill will also support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance energy competitiveness and fund the trans-Sahara highway.
The minister added that the ongoing minimum wage negotiations might also influence the proposed legislation. He emphasized the government’s cautious approach given current economic challenges and the potential impact of an increased minimum wage on inflation and economic activity.
Bagudu stated, “We are not clear how much revenue we have, given the challenges of the moment. We have done some scenarios given the exchange rate fluctuation and the impact on the budget, and scenarios for the current minimum wage negotiation. Even at the lowest level, it will increase the inflation rate, affecting interest rates and economic activity.”
The Supplementary Appropriation Bill aims to address critical infrastructure and economic challenges while ensuring national security and stability amidst ongoing fiscal and economic negotiations.
